Bill Text: IL HB0532 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the School Code. Makes a technical change in a Section concerning the Common School Fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB0532 Detail]

Download: Illinois-2009-HB0532-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB0532 Introduced 2/4/2009, by Rep. Charles E. Jefferson SYNOPSIS AS INTRODUCED:
105 ILCS 5/18-1 from Ch. 122, par. 18-1
Amends the School Code. Makes a technical change in a Section concerning the Common School Fund.
LRB096 07826 NHT 17929 b
A BILL FOR
HB0532 LRB096 07826 NHT 17929 b
AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The School Code is amended by changing Section
18-1 as follows:
(105 ILCS 5/18-1) (from Ch. 122, par. 18-1)
Sec. 18-1. Moneys constituting fund. The The common school
fund of the state shall consist of any sums accredited thereto
in pursuance of law, of the interest on the school fund proper,
which fund is 3% upon the proceeds of the sales of public lands
in the State, 1/6 part excepted; and the interest on the
surplus revenue distributed by Act of Congress and made part of
the common school fund by Act of the legislature, March 4,
1837. The interest on the school fund proper and the surplus
revenue shall be paid by the State annually at the rate of 6%,
and shall be distributed as provided by law.
(Source: Laws 1961, p. 31.)